Progress Software Corp Q3 Profit Decreases, but beats estimates

Progress Software Corp (PRGS) released earnings for third quarter that decreased from last year but beat the Street estimates.

The company's bottom line totaled $21.80 million, or $0.50 per share. This compares with $30.98 million, or $0.70 per share, in last year's third quarter.

Excluding items, Progress Software Corp reported adjusted earnings of $44.09 million or $1.00 per share for the period.

Analysts on average had expected the company to earn $0.97 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 2.6% to $151.22 million from $147.42 million last year.

Progress Software Corp earnings at a glance (GAAP) :

-Earnings (Q3): $21.80 Mln. vs. $30.98 Mln. last year.
-EPS (Q3): $0.50 vs. $0.70 last year.
-Analyst Estimates: $0.97
-Revenue (Q3): $151.22 Mln vs. $147.42 Mln last year.

Next quarter EPS guidance: $1.06 - $1.10
Next quarter revenue guidance: $158 - $166
Full year EPS guidance: $4.08 - $4.12
Full year revenue guidance: $609 - $617 Mln

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